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You also won’t be required to repay any stimulus check payment when filing your 2020 tax return—even if your second stimulus check is greater than your 2020 credit. If your second stimulus check is less than your 2020 credit, you’ll get the difference when you file your 2020 return.
The first round included a $1,200 payment from the Coronavirus Aid, Relief, and Economic Security Act, which was signed into law last March. The maximum payments were $1,200 for individuals and $2,400 for couples who file taxes jointly. During negotiations, many top Democratic lawmakers said $600 direct cash payments were insufficient.
You can always file a change of address form with the IRS on Form 8822—or if, you haven’t filed your 2019 tax return yet, filing your return would also update your address with the IRS. If you owe money to the federal government in back taxes or defaulted student loan debt, your stimulus check should be safe from what’s known as a federal offset or federal garnishment. If you do not get a stimulus payment this year, you will be able to claim it when you file your 2020 tax return next year.
The new checks will be for up to $600 per person and $600 per child under 17. While the Treasury Department generally will send a paper check to those people who are not receiving the payment through direct deposit, in some cases the agency may send a debit card instead of a check. Some people who received a paper check in the first round of payments may get a debit card this time and vice versa.
Last week, the Trump administration announced that the second round of economic impact payments had started to go out, so some people may have already seen the $600 in their accounts through direct deposit. You also might lose that money if a court has ordered you to make certain types of payments, such as if a judge has demanded that you turn over money to a debt collector.
The $600 that parents receive for each child is subject to the same reduction. If you receive a debit card, it will have the Visa name on the front of the card and the issuing bank, MetaBank®, N.A.
The Indiana and Texas supreme courts have halted seizures by debt collectors, and some state officials have advised that debt collectors are prohibited from seizing stimulus checks. Treasury Department to ban debt collectors from seizing stimulus checks.
Social Security recipients, railroad retirees and military veterans who weren’t required to file 2018 or 2019 federal tax returns automatically receive a $1,200 stimulus check. For example, for 2019 taxes, single filers younger than 65 with a gross income of less than $12,200 wouldn’t be required to file a federal income tax return.
Of course, they can still file if they’ve had federal income tax withheld from their paychecks or are eligible for a refundable credit and want to get a refund. If you qualify, your Economic Impact Payment amount will be based on your adjusted gross income, filing status, and the number of qualifying children under age of 17. You will receive either the full payment or a reduced amount at higher incomes.
People spent their stimulus checks on a range of items and services, with spending increasing meaningfully in nearly every category. But if you’d rather not wait, you can input your bank’s direct deposit information into the IRS’s Get My Payment tool to receive your stimulus check via direct deposit.